Don’t blindly accept a Realtor or Builder referral to apply to get pre-approved with Marcel Garcia the CEO of 818 Mortgage. Many times they will say, “We work closely with this guy and he gets the job done”. Translation: “We play golf together and he buys the beer”. Remember, the Realtor won’t be paying the bill each month for the next 30 years, you will.
Mortgage Loan Officers that work off of a referral network of Realtors and Builders don’t have to have competitive Home Mortgage Rates because they have a steady stream of “Drones” (people who are referred to them and don’t shop) calling them. Shop around, get the lowest cost Home Mortgage Rate, then if you are inclined, approach the preferred Loan Officer you were referred to and ask him if he can match the quote.
If you apply for a Home Mortgage through a preferred lender without shopping, you may end up paying hundreds or even thousands of dollars in additional costs.
Tip #1: Call For Home Mortgage Quotes After 11:00 a.m.
Mortgage Rates change each day and sometimes midday. The previous day’s rates typically expire by 8:30 a.m. the next morning. Generally, Home Mortgage Rates are published each day by 11:00 a.m. This varies from lender to lender. To make sure you are getting Home Mortgage Rates from the current day and not a mixture of rates from the previous day from some lenders and the current rates from other lenders, always do your rate shopping after 11:00 a.m.
Get all your quotes after 11:00 a.m.
Marcel at 818 Mortgage says that, “Home Mortgage Rates change throughout due to a volatile bond market. When this happens, some banks and lenders adjust their home mortgage rates in accordance with the new bond prices.” Other Lenders may continue to honor their morning rates.
Tip#2: Always Tell The Mortgage Loan Officer You Are Prepared To Apply For A Loan NOW
If you are buying a home, tell the Home Mortgage Loan Officer you are Rate shopping. Getting Pre-Approved is the first step. You cannot submit any offers until you’re pre-approved. “If you’re even thinking about shopping or putting in an offer on a house, you need to be pre-approved,” Marcel explains. There are no rate locks before you submit an offer, before your home offer is accepted. “In most situations, you cannot lock-In a rate until your offer is accepted,” but you can check the fully pre-approved rate.
“The rates published online are based upon 800+ credit scores, over 20% down payment, a debt to income ratio of 10 or 15%, and millions of dollars in the bank. These scenarios just don’t exist in the real world,” Marcel Garcia the CEO of 818 Mortgage explains. Banks and websites know you will probably shop around and the only way he can be sure for you to call back is to give you a fake quote that appears to be the lowest. “Anyone who quotes you a rate without a completed loan application is just giving you the absolute best case scenario that does not exist for your case,” Marcel explains.
“The first step to home ownership is by speaking to a qualified local loan officer,” call Marcel Garcia at 818 Mortgage for a free one-on-one consultation.
Company Name: 818 Mortgage (AKA: 818Mortgage)
Contact Name: Marcel Garcia
Email: marcel@818mortgage.com
Website: 818mortgage.com
Country: USA
States: California, Arizona, Colorado, Florida, Idaho, Illinois, Montana, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah, and Washington
Clients: First Time Buyer who need Pre-Approval for a Home Loan. Home owners who are interested in: Refinance, Cash-Out, HELOC (Home Equity Line of Credit), DSCR (investment property loan) and Reverse Mortgage.
Loan Programs: All traditional Home Loans / Qualifying Mortgages (QM), Conventional and FHA. As well as Non-QM: Stated, Bank Statement, P&L, CPA Letter, Business Bank Statement, and Hard Money Loans.